On September 8, the Office of the Comptroller of the Currency (OCC) took significant action to “depoliticize” the federal banking system by issuing two bulletins to banks that further the goals of Executive Order 14331 “Guaranteeing Free Banking for All Americans” (discussed here). The OCC’s press release announcing the bulletins explains that they are aimed at eliminating politicized or unlawful debanking practices and ensuring that banks provide access to financial services based on objective, risk-based analyses rather than political or religious beliefs. Bulletin 2025-22 clarifies how politicized or unlawful debanking will be assessed in licensing applications and Community Reinvestment Act (CRA) performance evaluations. Bulletin 2025-23 reminds banks of their legal obligations under the Right to Financial Privacy Act (RFPA) to protect customer financial records and ensure proper use of Suspicious Activity Reports (SARs).

On September 8, Nasdaq took a significant step towards revolutionizing the trading landscape by filing with the SEC to enable trading of tokenized securities listed on its exchange starting in 2026. This move, if approved, will allow securities to be traded in both traditional and tokenized forms, leveraging blockchain technology to enhance market accessibility and efficiency.

On September 5, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Cross-Border Task Force. This initiative aims to enhance the Division of Enforcement’s capabilities in identifying and combating cross-border fraud that adversely affects U.S. investors. As global markets become increasingly interconnected, the SEC’s proactive approach underscores its commitment to safeguarding the integrity of U.S. capital markets.

The Securities and Exchange Commission (SEC) has unveiled its Spring 2025 Rulemaking Agenda, and it’s clear that the crypto market is a focal point. While some anticipated the new Administration would bring in a period of deregulation, the SEC has a busy agenda now that Congress has starting working on establishing a comprehensive regulatory framework to govern the burgeoning crypto market. The agenda is a significant policy shift from prior rulemaking periods during which the SEC, under former Chair Gensler, focused on private fund advisers and increased disclosure requirements. The agenda is also a testament to the Trump Administration’s commitment to establishing clear guidelines and regulations that will shape the future of digital assets.

On September 2, the staff of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a Joint Staff Statement regarding the listing of leveraged, margined, or financed spot retail commodity transactions on digital assets. Specifically, the SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk shared their view that “current law does not prohibit” SEC- or CFTC-registered exchanges from facilitating trading of those spot crypto asset products.

In a significant move aimed at enhancing regulatory clarity and fostering global market access, particularly for offshore cryptocurrency firms, the U.S. Commodity Futures Trading Commission (CFTC) issued a new advisory on the Foreign Board of Trade (FBOT) registration framework. This development, announced on August 28, 2025, by Acting Chairman Caroline D. Pham, marks a pivotal step in aligning U.S. trading regulations with the evolving landscape of global derivatives markets.

Troutman Pepper Locke is pleased to announce that four of its financial services attorneys were recognized under the special designation of “Lawyer of the Year” in the 2026 edition of The Best Lawyers in America®, an honor earned by just one lawyer in each practice area and metropolitan area.

Last week, TZP Management Associates, LLC (TZP), a New York-based private equity investment adviser, agreed to pay more than $680,000 in monetary relief to settle charges brought by the Securities and Exchange Commission (SEC) for breaches of fiduciary duty related to the calculation of management fees for TZP’s private fund clients. This enforcement action highlights the importance of adhering to fund partnership agreements and providing adequate disclosure of fee calculation and management practices to mitigate potential conflicts of interest.